Wardwizard Innovations & Mobility to form a joint venture in the Kingdom of Saudi Arabia

India-based Wardwizard Innovations & Mobility Limited is a publicly traded manufacturer of electric vehicles. It produces environmentally friendly electric cars and scooters. It works in the manufacturing of electric vehicles in several nations, such as Nepal, Uganda, and India.

Wardwizard Innovations Join Venture with KSA:

On Friday, September 6, 2024, the company received a letter of intent (LoI) to form a joint venture (JV) in Saudi Arabia. This led to a rise in the share price of Wardwizard Innovations and Mobility. The joint venture (JV) aims to establish an EV cell plant and an assembly plant in the kingdom of Saudi Arabia (KSA). With intentions to grow in the future to include the production of electric buses, the assembly plant will initially concentrate on making electric two-wheelers, three-wheelers, and four-wheelers.

The EV cell plant will also be used exclusively for the production of electric vehicle cells.

It is with great honor that we accept His Royal Highness Prince Abdulaziz Bin Turki Bin Talal Bin Abdulaziz Al Saud’s letter of intent. This partnership is a significant endorsement of our proficiency in the area of electric mobility. We are optimistic that this joint venture will strengthen our worldwide presence and advance the Kingdom’s sustainable future goals now that the feasibility study has been completed,” stated Yatin Gupte, chairman and managing director of Wardwizard Innovations & Mobility.

Wardwizard Innovations will contribute its technological know-how and intellectual properties (IPs), such as its cutting-edge electric vehicle (EV) technologies and creative manufacturing techniques, to the joint venture. These contributions, which will also support Saudi Arabia’s transition to a greener transportation system, are expected to strengthen the joint venture’s position in the growing EV market, the company says. By virtue of its Joy e-bike brand, Wardwizard Innovations & Mobility Limited is one of the dominant players in the Indian electric vehicle (EV) market.

Details and market capitalization of Wardwizard Innovations:

The company, being the pioneer EV manufacturer to list on the Bombay Stock Exchange (BSE), is committed to leveraging the rapidly expanding potential of the Indian EV market to propel further advancements in the future. In more than 400 major Indian cities, Wardwizard has left a lasting impression with its varied portfolio of over ten models that fall into the high- and low-speed categories. Wardwizard Innovations has a market capitalization of Rs 1,437.73 crore, as per the Bombay Stock Exchange (BSE). The company is categorised as SmallCap on the BSE.

The stock of Wardwizard Innovations & Mobility Ltd. has increased by over 2%:

Wardwizard Innovations & Mobility Ltd. stock is running at Rs. 55.43 per share, where share price rises 6% in the morning session to Rs. 57.45 per share after joint venture in the Kingdom of Saudi Arabia.

Conclusion: Wardwizard Innovations joint venture with the Kingdom of Saudi Arabia will boost the sales and increase the work in the EV industry for the company. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.